BNA INTERVIEW: Board ‘Best Practice' When Facing a Financial Fraud Investigation

In a June 14 email interview with BNA, accounting and financial expert Raymond T. Sloane discussed observations he has made from more than 35 years of financial and consulting experience.
He noted that in the event of an internal investigation, the effective audit committees that he has worked with have used the powers granted to the committee by the corporate charter to retain counsel and forensic accountants with deep experience in conducting investigations, gotten to the bottom of the issue, and presented the findings to the special committee, full board of directors, independent auditors, and appropriate regulators. Sloane also discussed issues related to the globalization of financial fraud and unique challenges associated with foreign investigations.